• The Fund invests in emerging markets which may have increased risks than developed markets including liquidity risk, currency risk/control, political and economic uncertainties, high degree of volatility, settlement risk and custody risk.
• Investing in small /mid-capitalisation securities may have lower liquidity and their prices are more volatile to adverse economic developments.
• The Fund’s investments may be concentrated in a single country/ sector, specific region or small numbers of countries/ companies which may have higher volatility or greater loss of capital than more diversified portfolios.
• The Fund may use FDIs for hedging and efficient portfolio management purposes, which may subject the Fund to additional liquidity, valuation, counterparty and over the counter transaction risks.
• It is possible that a part or entire value of your investment could be lost. You should not base your investment decision solely on this document. Please read the offering document including risk factors for details.
India
Witness the rise of India with a different perspective.
India’s large population, its rapidly developing metropolises and its rich history of commerce are all contributing to its journey in becoming an economic powerhouse. We have spent the past decades building relationships with high-quality owners and managers in India and have identified, in our view, some of the best growth opportunities in the world.
What we invest in
Aspirational consumer base
Favourable demographics and under-penetrated categories*, lead to well-positioned consumer franchises generating high Returns on Capital Employed (ROCE)**. We believe such dominant franchises will keep gaining market share as the markets formalise as well as premiumise over time.
Infrastructure Improvement
With greater need for better quality infrastructure as the country develops, we believe that suppliers, such as paints and cement companies, will benefit. Well-run companies in these industries typically generate high returns and have low debt compared to infrastructure asset owners.
Financial Inclusion
We believe well-managed private banks should continue to benefit from greater penetration of financial services across India. They should continue gaining market share at the expense of poorly run and under-capitalised state-owned banks.
Undiscounted change
We believe in paying close attention to changes in management and ownership, in inherently attractive businesses undergoing temporary periods of difficulty. This can often lead to meaningful transformations, generating significant value for shareholders.
*Under-penetrated categories mean categories or products and services that are still not widely used by consumers.
**Return on capital employed (ROCE) is a financial ratio that can be used in assessing a company's profitability and capital efficiency.
Our approach to responsible investment
Non-label disclaimer
Our approach to responsible investing has been shaped by an emphasis on stewardship and the belief that quality managers and good governance should ensure that environmental and social concerns are rightfully addressed. We have integrated sustainability analysis into our investment process and engage extensively on environmental, labour and governance issues.
Sustainable investment labels help investors find products that have a specific sustainability goal. FSSA's products do not have a UK sustainable investment label as they do not have a non-financial sustainability objective. Their objective is to achieve long-term capital growth by following its investment policy and strategy.
Investment Insights
- Article
- 5 mins
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- 3 mins
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- 3 mins
Price & performance
Strategy Overview
Key Facts
- Inception Date
- 23 Aug 1999
- ISIN
- IE0008369930
Strategy Overview
Key Facts
- Inception Date
- 23 Aug 1999
- ISIN
- IE0008369930
Cumulative performance (%) as at 31 May 2025
FUND | SHARE CLASS | INCEPTION DATE | CURRENCY | 3MTHS | YTD | 1YR | 3YRS | 5YRS | SINCE INCEPTION |
|---|---|---|---|---|---|---|---|---|---|
FSSA Indian Subcontinent Fund | Class I (Acc) | 23 Aug 1999 | USD | 11.9 | -1.5 | 6.7 | 48.8 | 131.5 | 1763.4 |
Benchmark * | - | - | - | 15.9 | 2.9 | 4.7 | 40.0 | 138.6 | 1086.3 |
Calendar year performance (%)
FUND | SHARE CLASS | CURRENCY | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSSA Indian Subcontinent Fund | Class I (Acc) | USD | 15.5 | 27.3 | -7.2 | 21.4 | 8.8 | 3.6 | -7.9 | 40.0 | 1.6 | 5.1 |
Benchmark * | - | - | 11.2 | 20.8 | -8.0 | 26.2 | 15.6 | 7.6 | -7.3 | 38.8 | -1.4 | -6.1 |
* MSCI India Net Index
Source: Lipper, Nav-Nav (with dividend reinvested where applicable)
Acc represents share class with dividends accumulated. M Dist represents share class with monthly distribution of dividends. H Dist represents share class with half-yearly distribution of dividends. Q Dist represents share class with quarterly distribution of dividends. Dividends are not guaranteed and may be paid out of capital. All prices are for indication only. For detail, please refer to the Fund’s factsheet for further details including investment objective & strategy, asset allocation, top 10 holdings, comparison with benchmark (if any) and disclosure.