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Indian Subcontinent All Cap
Launched in 2006, the strategy invests in companies based in or having significant operations in India, Pakistan, Sri Lanka or Bangladesh.
Download overviewLaunched in 2006, the Stewart Investors Indian All Cap Strategy is a long-term, equity-only strategy that aims to invest in shares of high-quality companies positioned to contribute to, and benefit from, the sustainable development of the region. Given the size of the economy and the investment universe, the majority of the strategy’s 30-60 investments are in Indian-listed companies.
Strategy highlights: a focus on quality and sustainability
- We invest in high-quality companies with exceptional cultures, strong franchises and resilient financials. How we pick companies >
- Our approach is long-term, bottom-up, high conviction and benchmark agnostic
- We focus on capital preservation as well as capital growth – we define risk as the permanent loss of client capital
- Companies must contribute to sustainable development. Portfolio Explorer >
- We avoid companies linked to harmful activities and engage and vote for positive change. Our position on harmful products >
Latest insights
Quarterly update
Strategy update: Q3 2025
Indian Subcontinent All Cap strategy update: 1 July - 30 September 2025
Review: continuity and change
On one level, the third quarter saw significant changes at Stewart Investors. After acting as careful stewards of our clients’ capital over many years, three of our colleagues stepped back from their portfolio-management responsibilities in August and left the business.
While the list of portfolio-management responsibilities within our team looks different now than it did when the quarter began, on a deeper level, nothing has changed: the philosophy and approach that has defined Stewart Investors since 1988 is deeply engrained and continues to define what we do. Our structure is flat. Every member of the investment team is first and foremost an analyst and our collective focus is on identifying high-quality companies, with resilient financials, guided by ambitious stewards. This is the bedrock on which returns from all our strategies have been built.
This strategy’s new lead manager is Jack Nelson. He joined Stewart Investors in 2011 and is also the lead manager of our Global Emerging Markets Leaders and Global Emerging Markets All Cap strategies. He continues to apply the same principles to managing this strategy that have guided it since its launch, working as part of the same tight-knit group of investment analysts and drawing on the same common pool of investment ideas.
India: a question of quality
Over the past quarter, some of our clients questioned our longstanding enthusiasm for investing in India. Given that the Indian stockmarket has been one of the weaker performers among the world’s major markets in 2025, those concerns are understandable. The reasons for the relatively lacklustre returns the Indian market has generated recently have included:
- Concerns that some companies’ share prices may be too high relative to their underlying profits (valuations).
- The potential impact from trade tariffs.
- A slowdown in domestic consumer spending.
- A depreciation of the rupee currency.
Nine months is, of course, far too short a timeframe over which to judge equity performance. Focusing too narrowly on the short term also discounts the compelling returns that many of our investments in India have generated over the past five-to-10 years.
From our perspective, we remain focused on the bottom-up analysis of companies – on their quality, sustainability, and valuations. And, although we recognise the impact that these top-down concerns have had on investor sentiment towards those businesses in the short term, we continue to view India as a compelling destination for long-term investors. We believe investing in high-quality companies addressing the sustainable growth needs of India and monitoring their valuations should yield good returns over the years and decades to come.
In particular, we continue to be excited by the opportunities that are presented by the companies that are seeking to meet demand in India’s large and growing domestic market. We also keep a keen eye on valuations, aware that index valuations are not a fair representation of the investment prospects of the individual companies whose shares we own.
Activity
This quarter, we re-established a position in Tata Consultancy Services (Information Technology). Its shares have fallen by almost a third since the end of 2024.1 Recent increases in the cost of H-1B visas, which US companies use to hire foreign workers – including India’s IT specialists – further weakened sentiment. Set against that, however, this well-stewarded franchise remains a critically important partner for many global companies.
We initiated a position in Mankind Pharma (Health Care), which is known for providing affordable healthcare. We first met this company a year ago during a research trip to India and have developed our understanding of it further over the last 12 months. Mankind’s operations span pharmaceuticals, consumer healthcare, and over-the-counter (OTC) medicines. It also has a particularly strong presence in rural India as well as its smaller cities.
We sold our positions in Tata Communications (Communication Services) and Dr. Reddy’s Laboratories (Health Care). Our conviction in the strength of their franchises had waned and the opportunity cost of holding them relative to our other, stronger investment ideas had increased. We also completed the sale of VST Tillers Tractors (Industrials), which faces increasingly tough competition from cut-price imports.
[1] Source: S&P Capital IQ as of 30 September 2025.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 0.5%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.
Voting
Voting: Q3 2025
Indian Subcontinent All Cap voting: 1 July - 30 September 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 236 proposals from 32 companies to vote on. On behalf of our clients, we voted against two proposals.
We voted against the appointment of the auditor at MakeMyTrip, as they have been in place for over ten years. The company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. (one proposal)
We voted against the re-election of a director at SKF India, due to concerns around their level of attendance at board meetings over the past financial year. (one proposal)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q2 2025
Indian Subcontinent All Cap voting: 1 April - 30 June 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 50 proposals from 11 companies to vote on. On behalf of our clients, we did not vote against any proposals.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q1 2025
Indian Subcontinent All Cap voting: 1 January - 31 March 2025
Voting by country of origin
Voting by proposal category
During the quarter there were 23 resolutions from 11 companies to vote on. On behalf of clients, we voted against one resolution.
We voted against the election of a director and their remuneration at IndiaMART as we seek to encourage greater diversity and independence on the board. (one resolution)
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Voting: Q4 2024
Indian Subcontinent All Cap voting: 1 October - 31 December 2024
Voting by country of origin
Voting by proposal category
During the quarter there were 19 resolutions from seven companies to vote on. On behalf of clients, we did not vote against any resolutions.
Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.
Portfolio Explorer
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For illustrative purposes only. Reference to the names of example company names mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. Companies mentioned herein may or may not form part of the holdings of Stewart Investors. Holdings are subject to change.
Certain statements, estimates, and projections in this document may be forward-looking statements. These forward-looking statements are based upon Stewart Investors’ current assumptions and beliefs, in light of currently available information, but involve known and unknown risks and uncertainties. Actual actions or results may differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements. There is no certainty that current conditions will last, and Stewart Investors undertakes no obligation to correct, revise or update information herein, whether as a result of new information, future events or otherwise.
Source: Stewart Investors investment team and company data. Securities mentioned are all investee companies* from representative Asia Pacific All Cap Strategy, Asia Pacific & Japan All Cap Strategy, Asia Pacific Leaders Strategy, Global Emerging Markets (ex China) Leaders Strategy, Global Emerging Markets Leaders Strategy, Global Emerging Markets All Cap Strategy, Indian Subcontinent All Cap Strategy, Worldwide All Cap Strategy and Worldwide Leaders Strategy accounts as at 30 September 2025. *Assets that the strategies may hold which an active decision has not been made, and sustainability assessment does not apply, include cash, cash equivalents, short-term holdings for the purpose of efficient portfolio management and holdings received as a result of mandatory corporate actions. Holdings of such assets will not appear on Portfolio Explorer. Not all strategies are available in all jurisdictions or to all audience types.
The Stewart Investors supports the Sustainable Development Goals (SDGs). The full list of SDGs can be found on the United Nations website.
Source for Climate Solutions and impact figures: © 2014–2025 Project Drawdown (drawdown.org). Source for Human Development Pillars: Stewart Investors investment team.
Source for climate solutions and human development analysis and mapping: Stewart Investors investment team. Contributions are defined by the team as demonstrable contributions to any solution, either direct (directly attributable to products, services or practices provided by that company), or enabling (supported or made possible by products or technologies provided by that company).
Investment terms
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